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Federal Reserve Chairman Jerome Powell stated that he will not resign if asked by President-elect Donald Trump, asserting that Trump does not have the authority to fire or demote him. Powell’s response came after the Fed cut interest rates by a quarter percentage point. Trump has criticized Powell for not easing monetary policy quickly enough, and in October 2020, he expressed his belief that he should be able to provide input on interest rate decisions. Despite Trump claiming the authority to remove Powell in March 2020, the Fed chair’s term is set to continue until 2026.
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